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The Greedy Leading the Blind

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The Greedy Leading the Blind

Introduction

This article was posted on Friday, 11:42, UTC.

It’s very exciting to see pictures of shops in Japan and India that are now accepting Bitcoin. If you have any, feel free to tag me on social media. I’m starting a collection. 🙂

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Here’s one of my favorite ones yet. This photo was taken by a Redditor in North Carolina.

Despite the American flag in the background and obviously American shops I still wanted to verify the authenticity of this, so here it is: https://www.crabtree-valley-mall.com/stores/bitcoin-dispensary

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With end users now able to conveniently and instantly convert their government issued paper for real verifiable digital money now in the United States of America, the tipping point could be sooner than we think.

At the moment, there is less than $40 Billion worth of value being stored on the bitcoin blockchain.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 2nd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Though there are very few business leaders who agree with President Trump’s appalling decision last night, the stocks are rallying into fresh new all time record highs.

We know that Elon Musk and Bob Iger have quit the Trump Advisory Board, but that was to be expected. However, this time even the big bankers have turned against him. The CEOs of JP Morgan and Goldman Sachs have both come out strongly against the US’s withdrawal from the COP21 Paris Climate agreement.

Lloyd even used his first tweet ever to express his dismay in a language that Trump can understand…

It’s very strange to see the stock markets continue to move north. Perhaps with the polar ice caps about to melt they’re finding greener pastures. Of course, with the sea levels rising it makes sense that they’re searching for higher ground.

Here’s wall street reacting to Trump. All three major indices reached new record highs.

In a bizarre show of “the greedy leading the blind,” Asian stocks are also up today with the Nikkei hitting 20k for the first time since 2015. Even stranger is that China is the only one bucking the trend.

Strange because now that the USA is out, China is seen to be the leader of green energy innovation.

Countdown: 6 days

Theresa May seems to be taking the latest polls rather hard. The media continues to grill her about why she is not participating in any of the open debates and the Prime Minister is showing clear physical signs of fear.

Here, just watch this video…

http://www.mirror.co.uk/news/politics/you-cant-trust-polls-any-10541995

See what I mean??

There have been no major polls released in the last 12 hours so we eagerly await the next one. If Labour manages to gain any further ground or even take the lead in the polls we could see the Pound start to react.

So far the GBPUSD has been quite resilient to news about the election ever since it was announced on April 18th but you never know when that can change.

NFP Today

It seems like so much has happened over the past month. Today’s jobs announcement from the United States is expected to come out strong.

The labor market in the US is performing well as business confidence is picking up under Donald Trump. The official unemployment rate is just 4,4% at the moment. Analysts are expecting that a total of 180 to 185 Thousand jobs have been added in the month of May.

The final number will be published at 8:30 AM on Wall Street and should have a fair impact on the way the stocks end the week.

If the number comes out as expected the US Dollar’s reaction will likely be short lived, perhaps a few spikes on some of the major currency pairs.

At this point, the Fed are the ones driving the Dollar. Expectations are high that they will raise the interest rates on June 14th and today’s announcement will probably not cause any hesitation unless it comes out much much weaker than expected.

For now, the Fed fears only inflation, which is not acting according to their present models. The next inflation reading will actually be on the 14th, about 5 hours before the interest rate decision.

As always, feel free to contact me directly with any questions, comments, or feedback. Wishing you an amazing weekend!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

Comments
  • user

    AUTHOR Gabriel

    Posted on 12:20 pm June 2, 2017.

    That rise of all major indexes after the announcement made by Trump is simply an insult to next generations.

    • user

      AUTHOR embersburnbrightly

      Posted on 3:35 pm June 2, 2017.

      Agreed. One would think that what is good for humankind would be good for business; but it sadly appears that what is good for business in the short term might be catastrophic for humankind (and other species) in the long term.

  • user

    AUTHOR Crytokings

    Posted on 4:06 pm June 2, 2017.

    Traders with a conscience! The old school way of thinking will be their ruin. The Trumps of the world days are numbered!

  • View Comments (3) ...
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